The government has unveiled a budget plan that includes a discount on importing raw materials needed to produce solar panels, inverters, and batteries.
In a bid to promote local production of solar panels, inverters, and batteries, they've slashed import duties on the raw materials needed to manufacture these key components.
Finance Minister Muhammad Aurangzeb highlighted that the government is offering tax concessions to support the import of plant machinery, related equipment, and raw materials necessary for the manufacturing of solar panels. These incentives are designed to foster local production and meet both export and domestic demands, thereby conserving valuable foreign exchange.
The budget document outlines that subsidies are being provided on the import of goods and components required for manufacturing solar panels, inverters, and batteries. This initiative is expected to stimulate growth in the solar industry and encourage the use of renewable energy sources within the country.
Additionally, the government aims to reduce dependence on imported solar panels by bolstering local manufacturing capabilities. This strategy not only supports sustainable energy development but also enhances economic stability by preserving foreign currency reserves.
